CRYPTO TRADER PREDICTS $150K BITCOIN TOP THIS BULL CYCLE, FOLLOWED BY A CORRECTION TO $32K!!!!!

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Since the Bitcoin price tapped $6,500 in late-November, analysts have been wondering if the bottom is really in.

The BTC price bounced by 20% from $6,500, hitting $7,850 just a week after that.

Now, Bitcoin (BTC) is currently trading at just above $7,500, seemingly trying to establish a market trend for the coming week.

While some say that Bitcoin’s inability to move past the resistance in the high-$7,000s is decisively bearish, an analyst has said that the odds are leaning in the favor of bulls.

Why BTC Could Jump 15%: Popular trader Mr. Chief (or Halo Crypto) recently noted on Crypto Twitter that the cryptocurrency ball is finally entering the court of the bulls.

He noted that the inverse chart of Bitcoin has shown that the cryptocurrency has broken below (meaning above) a key trend line that has been in place for over six weeks.

The asset is also situated in a descending channel (actually an ascending channel) that implies a move to $8,500 is “definitely on the table.”

A move to $8,500 would mark a 15% rally from current price levels. Also Adaptive Capital’s Willy Woo, a popular on-chain metrics analyst, noted on Dec. 7 that a proprietary indicator his fund uses is implying that the usage of the Bitcoin network is implying that bulls will soon gain the upper hand again:

“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view.”

In other Crypto news today,

Deutsche Bank Research: Crypto to Replace Fiat Currencies by 2030 By 2030, the demand for alternative currencies will rise, with digital currencies eventually replacing cash, according to recent research from Deutsche Bank.

In the “Imagine 2030” report, Deutsche Bank strategist Jim Reid raised awareness of the challenges the existing fiat system has encountered in recent years, specifically with the emergence of cryptocurrencies.

Reid stipulated that people’s heightened demand for dematerialized means of payment and anonymity could drive more individuals to digital currencies.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

On-chain momentum is crossing into bullish. Prep for halvening front running here on in. Can’t say what this indicator is, as it’s proprietary to @AdaptiveFund, but it tracks investor momentum. The bottom is mostly likely in, anything lower will be just a wick in the macro view. pic.twitter.com/WqiPRpweUv

— Willy Woo (@woonomic) December 7, 2019

15% Jump to $8,500 on the Table for Bitcoin Price; Analyst Explains Why

https://cointelegraph.com/news/deutsche-bank-research-crypto-to-replace-fiat-currencies-by-2030

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Raoul Pal, the former Goldman Sachs hedge-fund manager who founded Real Vision, said the Bitcoin price will hit $1 million in five years. 

In an interview with Stansberry Research on October 7, he pinned the predicted the BTC price increase to a wave of institutional funds pouring an “enormous wall of money” into the asset.

Bitcoin’s price has exploded about 40% year-to-date, and is currently worth $11,387. It is also the largest digital currency by market capitalization, with a current value of about $200 billion, according to data published by Statista.

“Yeah, I think [$1 million is] about right. Just from what I know from all of the institutions and all of the people I speak to, there is an enormous wall of money coming into this,” he told host Daniela Cam-bone.

“It’s an enormous wall of money. Just the pipes aren’t there to allow people to do it yet, and that’s coming, but it’s on everybody’s radar screen and there’s a lot of smart people working on it.”

Pal, currently the co-founder and CEO of Global Macro Investor, said the global economy is moving from the “hope phase” to the “insolvency phase” as investors realize an economic recovery from the COVID-19 pandemic will take much longer than anticipated.

“The economy is not going to recover for a lot longer than we expect,” he said.

“There’s no stimulus around and we’ve got more problems to come in Europe, the US, and elsewhere. And businesses don’t have enough cash flow, they’re closing in droves and that’s what I called the insolvency phase.”

“The only answer is more from the central banks, so that’s why I started to buy more and more Bitcoin,” he added.

At one point, Pal’s portfolio used to be equally distributed between dollars, gold, equities, and Bitcoin.

But during the interview, he disclosed that the percentage of Bitcoin he holds is “probably above 50% now.”

He admitted that the above 50% allocation exposes him to a significant downside, but accepts that as the upside is “so much bigger.”

In other trending Bitcoin News today:

Select Altcoins Could Rise 100-1000x in Renewed Bitcoin Bull Cycle, Says Crypto Trader Lark Davis – Here Are Some of His Top Picks

Popular cryptocurrency analyst Lark Davis says altcoins will prove to be the best investments of 2021.

In a new video, Davis discusses which altcoin sectors he’s bullish and bearish on going into the next year.

He says Bitcoin will do well, but suggests avoiding payment coins and Bitcoin forks like Bitcoin Cash (BCH), Bitcoin Satoshi Vision (BSV), Litecoin, Dash (DASH) and others.

He believes that stablecoins “have won the day” in that sector.

Davis also suggests avoiding new stablecoin projects and low-liquidity variants to the main players like Tether (USDT) and USD Coin (USDC).

Additionally, the analyst is bearish on Ethereum Classic, which he refers to as a “zombie chain.”

He also warns against investing in “cheap copy-and-paste DeFi,” given that there is a flood of clones still entering the market.

By contrast, Davis is bullish on “strong DeFi players” like Aave (LEND), Synthetix (SNX) and Ren (REN). He also says traders with enough capital should try farming Compound (COMP) and Uniswap (UNI).

Davis says he’s especially interested in the rise of DeFi on strong smart-contract platforms not named Ethereum.

That includes Cardano (ADA), Polkastarter (POLS) and Acala (ACA) on Polkadot (DOT), as well as Kava (KAVA), BAND Protocol (BAND) and the upcoming Persistence on Cosmos (ATOM).

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://markets.businessinsider.com/currencies/news/bitcoin-hit-million-five-years-ex-goldman-hedge-fund-boss-2020-10-1029682590#

https://cointelegraph.com/news/i-would-not-short-bitcoin-buy-the-dip-zone-now-11k-says-tone-vays

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Bill Miller, chairman and chief investment officer of Miller Value Partners, is sharing his crypto investment strategy and why he’s bullish on Bitcoin (BTC).

In a FutureProof interview, the head of the investment firm that manages $3 billion in assets describes the start of his journey as a BTC believer.

“I got involved in Bitcoin around 2013. It was trading at around $200 or so when I started buying it. Then it ran up to around $1,100 to $1,200 and then Mt. Gox collapsed. [Bitcoin] collapsed all the way back to $200 again in 2014. I began to buy it again… My average cost is about $300 [a coin].”

Miller says there are several fundamental reasons why he became an early adopter and long-term advocate of the world’s leading cryptocurrency.

“The nature of what it was trying to do, it had many different ways to win. My view was if any of those various things – it became a currency, it became a payment system, it became a non-correlated asset – any of those things, much less all of them, would lead to a very dramatic move in the underlying price.

That was also helped along by the fact that it is limited to 21 million Bitcoin and it is decentralized. It is not able to be tampered with or debased.”

From an investment standpoint, Miller says Bitcoin continues to offer a very favorable risk-reward ratio.

He’s an advocate for a small 1% to 2% portfolio allocation to BTC.

In the long run, he believes he could earn a 1000x or more return on his BTC investment, which would place Bitcoin at $300,000.

“I could make 100x of my money. I could make 1,000x, maybe more than that. I can only lose 100%… I still have it. I haven’t sold any Bitcoin… Back in the 70s and early 80s, people were talking about putting 5% of your assets in gold because it’s a hedge.

It’s an insurance policy in case inflation comes back again as it did in the 1970s. I would say that if that’s a sensible thing to do, then, certainly to have 1 to 2% of your assets in Bitcoin makes great sense here.”

The experienced investor also makes a unique case as to why Bitcoin is less risky now compared to when it was trading below $100.

“For most assets that you buy, the more they go up in price, the less value there is to be extracted out of it, and the riskier it becomes.

Bitcoin is in an unusual position of being the exact opposite of that. It was very risky when it was trading at a dollar, $5, or $10. It could have easily disappeared.”

In other trending Bitcoin News today:

Bitcoin Price Stalls at $9,300, Altcoins Rally to New Multi-Year Highs

Within the last few hours, the Bitcoin (BTC) price pushed above $9,300 after struggling to hold the $9,300–$9,400 level for the past three days. 

As Bitcoin price slowly worked its way through resistance to $9,300, a handful of the top-50 altcoins posted strong double-digit gains.

Cardano (ADA) reached a new two-year high by rallying 26% to $0.13. 

Chainlink (LINK) also rallied 6.11% to a new all-time high at $5.99.

VeChain (VET) was another top performer for the day with a 21.6% rally.

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $271.3 billion and Bitcoin’s dominance rate is 63%.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://cointelegraph.com/news/bitcoin-price-stalls-at-9-300-altcoins-rally-to-new-multi-year-highs